2007-01-12 02:50:50 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Almost everyone is right so far BUT,,,
Best to Sell Your Car. Yes Sell it... Get out from under it if you can't afford it. Then see what you can do from there.
Don't let it stress you out... Sell it.. Clean it up real nice 1st.
2007-01-12 04:02:26 · answer #1 · answered by Spinner...428 6 · 0⤊ 1⤋
Unless the trade in value of the car is a lot more than the balance you own on it, it probably won't work. You'll still own money on the car you are paying on, so unless you get a super cheap car on the trade in, you'll not get ahead; and most dealers don't "trade down". Might be better off if the car has value to sell it outright, pay it off and then look for another cheaper car.
2007-01-12 10:55:41 · answer #2 · answered by wizjp 7 · 2⤊ 0⤋
It all depends on how much you owe on your current vehicle and it's trade value. Call the bank and get a payoff amount then get an approx trade value on kbb.com. That will let you know how much positive or negative equity is in your car. If you didn't put much down on your current loan you are probably upside down on your trade. Meaning you have negative equity to absorb into the new loan. That will only make the new car that much more expensive so you will have to think affordable.The one benefit to trading the vehicle in to a dealer is that you will not pay full tax on the replacement vehicle. Take the sale price of the new car and subtract the trade value. That difference is what you pay taxes on. So if the dealer is offering you a certain trade amount you also have to consider the tax savings. Again it all depends on the payoff amount and trade value.
2007-01-12 11:12:09 · answer #3 · answered by Tony J 2 · 1⤊ 2⤋
You are probably never going to get what you still owe on the car out of it on a trade in,, especially if you are looking to trade down. You had better list it for sale soon, and try to sell it at most for what you owe on it, or at least for however much you can afford to lose. Good luck. Most of us have owed more on a car than it's worth at one time or another.
2007-01-12 11:05:28 · answer #4 · answered by I fear my government 4 · 1⤊ 1⤋
You can, but you are going to have to choose one cheap car.
when you trade in a car that you still owe money on, the dealership will subtract what your car is worth from how much you owe, if the answer to positive, they will add that to the price of the new car. EX. you owe 15000 on a car that is worth 10000. They will add the difference of 5000 to the price of the new car.
2007-01-12 10:55:44 · answer #5 · answered by Ron Porkmore 4 · 1⤊ 1⤋
I dn't see why not.
2007-01-12 10:53:22 · answer #6 · answered by amylr620 5 · 0⤊ 4⤋